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Comedian-turned-media mogul Byron Allen has sued McDonald’s for $10 billion in damages, alleging racial discrimination tied to its advertising practices.   The head of Allen Media Group claims racial stereotyping is at play in the fast-food giant’s refusal to contract with his AMG’s Entertainment Studios and Weather Group in violation of federal and state law....
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Robinhood wants to give amateur investors access to initial public offering shares ahead of its own planned IPO. The popular no-fee trading app that’s become synonymous with the Reddit rally unveiled IPO Access on Thursday, giving users the ability to buy shares at their listing price before they begin trading on stock exchanges. IPO shares...
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Alphabet’s Google said on Thursday it would open its first physical store in NYC this summer, mirroring a retail approach that has helped Apple rake in billions of dollars in the last two decades. The Google store will be located in Chelsea near Google’s NYC campus, which houses over 11,000 employees. Google, which has set up pop-up stores in the past to promote...
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Kohl’s raised its financial outlook for the year on Thursday, after a solid rebound in the first quarter from the devastating impact of the pandemic. But those raised expectations fell short of what many industry analysts had been projecting and shares plunged nearly 11 percent Thursday. During a conference call, Kohl’s explained that it it...
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Fugitive former car executive Carlos Ghosn suffered a setback on Thursday when a Dutch court ordered him to repay 5 million euros ($6.1 million) in wages to Nissan and Mitsubishi in a case he had brought. The case, one of a series of legal battles involving one of the best known figures in the auto industry, centers around the...
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Shares of Swedish oat milk brand Oatly soared nearly 30 percent during the company’s public market debut Thursday. The stock began trading around 11:45 a.m. ET at $22.12, about 30 percent above the IPO price, giving the company a valuation of $13.1 billion. The Malmo, Sweden-based company is trading on the Nasdaq under the ticker...
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Morgan Stanley chief executive James Gorman named longtime deputies Ted Pick and Andy Saperstein as co-presidents — setting up a race to succeed him at the helm of the Wall Street giant. Pick, 52, will continue to lead institutional securities but will also be promoted to oversee Morgan Stanley’s international operations as co-head of firm...
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Zhang Yiming, the co-founder of TikTok’s Chinese parent company ByteDance, will step down as CEO, he announced Thursday as he admitted to lacking some of the skills necessary to lead the company as its chief executive. Zhang’s fellow co-founder, Liang Rubo, will take over as CEO of ByteDance, which owns a slate of entertainment and...
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Apple made at least $100 million — and possibly much more — off commissions from “Fortnite” during the two-and-a-half years the game was available on the App Store, an Apple executive revealed during an ongoing antitrust trial. Michael Schmid, an Apple executive who oversees business development for games on the App Store, revealed the figure under...
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Microsoft will finally retire Internet Explorer after more than 25 years.  The software giant announced Wednesday that the current version of Internet Explorer will no longer be supported on consumer versions of Windows 10 from June 15, 2022. Instead, Microsoft said it’s shifting focus to web browser Edge, which it launched in 2015. “We are...
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